[Federal Register: July 12, 2000 (Volume 65, Number 134)]
[Notices]
[Page 43012]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12jy00-66]
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FEDERAL RESERVE SYSTEM
[Docket No. R-1068]
Policy Statement on Payments System Risk Modifications to
DaylightOverdraft Posting Rules; Delay of Effective Date; Correction
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Policy statement: Delay of effective date; Correction.
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SUMMARY: The Board is announcing the delay of the implementation of
changes to the procedures for measuring daylight overdrafts for
Treasury Investment Program transactions as a result of the Treasury
Investment Program's implementation delay. The Board is also announcing
posting-time corrections for three transactions.
EFFECTIVE DATE: The effective date of amendments published at 65 FR
33734 and 33735 are delayed indefinitely.
FOR FURTHER INFORMATION CONTACT: Myriam Payne, Manager (202/452-3219),
Stacy Coleman, Senior Financial Services Analyst (202/452-2934), or
Donna DeCorleto, Project Leader (202/452-3956), Division of Reserve
Bank Operations and Payment Systems; for the hearing impaired only:
Telecommunications Device for the Deaf, Janice Simms (202/872-4984).
SUPPLEMENTARY INFORMATION:
Background
On May 24, 2000, the Board published modifications to the
procedures for measuring daylight overdrafts for Treasury Investment
Program (TIP) and Paper Tax System (PATAX) transactions (65 FR 33734).
The TIP and PATAX applications were scheduled to replace the Treasury
Tax and Loan (TT&L) system on July 10, 2000. On July 5, 2000, the
Department of the Treasury announced the implementation delay of the
TIP and PATAX applications (65 FR 41522). The Board will announce the
revised effective dates of the modifications to the procedures for
measuring daylight overdrafts once a new implementation date is
established.\1\
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\1\ To allow sufficient time for depository institutions to
adjust to the various operational changes associated with TIP, the
Board approved a transition period in which most TIP transactions
resulting in debits to depository institutions' accounts would post
after the close of Fedwire. After this transition period, the
Federal Reserve will post all TIP transactions resulting in debits
to depository institutions' accounts on a flow basis as TIP
processes them.
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Need for Correction
As published, the posting time for same-day Treasury withdrawals
announced by 11:30 a.m. ET is incorrect and the posting times for Main
Account Administrative Withdrawals and SDI (Special Direct Investment)
Withdrawals were omitted.
Correction of Publication
Accordingly, the amendments published on May 24, 2000, at 65 FR
33735, which was subject of FR Doc. 00-13016, are corrected as follows:
Policy Statement on Payments System Risk [Corrected]
1. On page 33735, column 2, line 10 from the top of the column, the
language ``+ Main Account Administrative Investment from TIP'' is
corrected to read ``+/- Main Account Administrative Investment or
Withdrawal from TIP.''
2. On page 33735, column 2, line 12 from the top of the column, the
language ``+ SDI (Special Direct Investment) or Administrative
Investment from TIP;'' is corrected to read ``+/- SDI (Special Direct
Investment) or Administrative Investment or Withdrawal from TIP.''
3. On page 33735, column 2, line 24 from the top of the column, the
language ``Post at 8:30 a.m., 11:30 a.m., and 6:30 p.m. Eastern Time:--
Main Account Treasury Withdrawals from TIP'' is corrected to read
``Post at 8:30 a.m., 1:00 p.m., and 6:30 p.m. Eastern Time:--Main
Account Treasury Withdrawals from TIP.''
By order of the Board of Governors of the Federal Reserve
System, July 6, 2000.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 00-17552 Filed 7-10-00; 8:45 am]
BILLING CODE 6210-01-M